At any time of approval of a plat of land, or prior to the start of roadway construction on a presently platted area, there shall be presented to Council a security deposit for construction of the road and a maintenance bond for maintaining the road for a 12-month period after acceptance of completed construction, as follows:
(a) The security deposit and maintenance bond shall be in the form of a cash deposit, a certified check or an acceptable and binding surety bond equal to one hundred percent of the estimated contract price as determined by the Village Engineer for the complete construction, including, but not limited to, site preparation, grading, ditching, road bed preparation, finished hard surfacing and the inspections thereof.
(b) Said security deposit shall be made to the Village Treasurer to guarantee the completion of the construction in compliance with all requirements of this chapter and shall remain in force for a period of 12 months after acceptance of completed construction.
(c) When the construction is complete as to construction details, a refund of the security deposit or a reduction of surety bond requirements equal to forty percent of the value of the security deposit will be made, provided that the Village Engineer certifies that the construction has been inspected and was made to comply with construction standards.
Final release of the security deposits shall be made upon final review and acceptance of the roads by Council after reviewing the written reports of the Village Engineer and the Road Administrator pertaining to said construction.
Acceptance of said roads shall be made within the 12-month period after the construction completion date.
(d) If the road construction is not acceptable at the termination of the 12-month period after the construction completion date, the owner and/or bonding organization shall be directed forthwith to make the necessary corrections to comply with all construction requirements or forfeit the security deposit on demand.
(Ord. 20. Passed 6-16-64.)